{"id":1004247782,"date":"2018-08-06T09:02:40","date_gmt":"2018-08-06T17:02:40","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004247782"},"modified":"2025-02-26T02:41:49","modified_gmt":"2025-02-26T10:41:49","slug":"self-storage-rents-still-down-year-over-year","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/self-storage-rents-still-down-year-over-year\/","title":{"rendered":"Self Storage Rents Still Down Year-Over-Year"},"content":{"rendered":"<p>By Evelyn Jozsa<\/p>\n<div id=\"attachment_1004247788\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Self-Storage-Under-Construction-Planned-Percent-of-Existing-Inventory-July.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004247788\" data-attachment-id=\"1004247788\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/self-storage-rents-still-down-year-over-year\/self-storage-under-construction-planned-percent-of-existing-inventory-july\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Self-Storage-Under-Construction-Planned-Percent-of-Existing-Inventory-July.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Evelyn Jozsa&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1533575884&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Self-Storage Under Construction &#038; Planned Percent of Existing Inventory\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Self-Storage Under Construction &#038; Planned Percent of Existing Inventory&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Self-Storage-Under-Construction-Planned-Percent-of-Existing-Inventory-July.jpg?w=800\" class=\"wp-image-1004247788 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Self-Storage-Under-Construction-Planned-Percent-of-Existing-Inventory-July.jpg\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Self-Storage-Under-Construction-Planned-Percent-of-Existing-Inventory-July.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Self-Storage-Under-Construction-Planned-Percent-of-Existing-Inventory-July.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/Self-Storage-Under-Construction-Planned-Percent-of-Existing-Inventory-July.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004247788\" class=\"wp-caption-text\">Self-Storage Under Construction &amp; Planned Percent of Existing Inventory<\/p><\/div>\n<p>Substantial inventory expansion and slowing economic fundamentals continue to affect street-rate rents for 10&#215;10 units. On a year-over-year basis, rents have dropped 3 percent in June 2018, after contracting by 1 and 2 percent in April and May. Western markets, such as Las Vegas and Phoenix maintained surging growth, having gained 11 and 5 percent year-over-year through June. Southern California rents also continued their slow rise, as limited opportunity for new supply has pushed improvement.<\/p>\n<p>In contrast, Texas is still considerably oversupplied and metros such as Houston and San Antonio have limited their pipelines to around 5 percent of existing inventory. Nationally, planned and under construction assets represent 9 percent of total supply\u2014the same as in previous months\u2014which suggests a peak in inventory expansion in 2018.<\/p>\n<p>Nashville, Portland and Denver stayed the most active metros, although historically underpenetrated markets, such as Boston, are also among metros with heightened construction activity. Additionally,&nbsp;<a href=\"https:\/\/www.commercialsearch.com\/news\/qa-the-next-step-in-self-storage-development\/\">retiree destinations<\/a> like Tampa are encouraging heightened development. The&nbsp;metro\u2019s planned or under construction projects account for roughly one tenth of existing inventory, up 100 basis points month-over-month.<\/p>\n<p>Other southern cities, including Miami and Charlotte, are experiencing heavy-lease-up pressure, leading to depressing street rates, and to developers canceling potential projects. Metros in California, however, continue to have the thinnest new-supply pipeline\u2500Los Angeles and Inland Empire ranked at the bottom of the list with 4.2 and 3.2 percent.<\/p>\n<p><em>Read the full <a href=\"https:\/\/www.yardimatrix.com\/Media\/Downloads\/File\/475-July2018SelfStorageReport?utm_medium=Research-Center&amp;utm_source=CPE&amp;utm_campaign=475-July2018SelfStorageReport\" target=\"_blank\" rel=\"noopener\">Yardi Matrix report<\/a><\/em><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Despite robust growth in western markets, street-rate rents dropped 3 percent nationally as of June 2018.<\/p>\n","protected":false},"author":871,"featured_media":1004258381,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,23891,21742],"tags":[32785],"class_list":["post-1004247782","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-national","category-latest","tag-yardi-matrix"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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